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In a study of government financial aid for college students, it becomes necessary to estimate the percentage of full-time college students who earn a...
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Question:

In a study of government financial aid for college students, it becomes necessary to estimate the percentage of full-time college students who earn a bachelor's degree in four years or less. Find the sample size needed to estimate that
percentage. Use a 0.03 margin of error and use a confidence level of 99%. Complete parts (a) through (c) below.
a. Assume that nothing is known about the percentage to be estimated.
n =
(Round up to the nearest integer.)
b. Assume prior studies have shown that about 45% of full-time students earn bachelor's degrees in four years or less.
n =_
(Round up to the nearest integer.)
c. Does the added knowledge in part (b) have much of an effect on the sample size?
O A. Yes, using the additional survey information from part (b) only slightly increases the sample size.
O B. No, using the additional survey information from part (b) only slightly reduces the sample size.
O C. No, using the additional survey information from part (b) does not change the sample size.
O D. Yes, using the additional survey information from part (b) dramatically reduces the sample size.

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